Crypto analyst Egrag has provided insight into the current market conditions of the XRP price from a technical analysis perspective. He highlighted a crucial level of support for the crypto token and also confirmed his bullish forecast for XRP when the bull run returns.
XRP could rise to $2 from this support level
In a after Egrag, shared on his X platform (formerly Twitter), said that XRP could rise to $2 once it could reach the $1.2 support level. He shared an accompanying card to make his point. From the chart, he noted that it was “intriguing” that XRP has not yet managed to close a monthly candle above $1.2.
Source: X
He further said that XRP has body candles so far, but a full-body candle has not materialized yet. Despite this, the crypto analyst is still optimistic about XRP’s future trajectory. He confidently said that XRP will reach $2 once XRP “finally reaches a monthly candle close with a full body above $1.2.”
Considering that many seem to be losing hope in the potential of XRPEgrag suggested that this move will provide renewed hope as he believes it will cause “huge FOMO.” Meanwhile, those who have remained steadfast will hope that Egrag’s prediction comes true, as they believe XRP is long overdue for a significant rally.
Egger had mentioned before XRP reaching $27 is a “plausible target” given that XRP saw a parabolic move in 2017, with the token 61,000% profit in 280 days. He reaffirmed his bullish stance and stated that he still has his sights set on the $27 mark.
Token price fluctuates | Source: XRPUSD on Tradingview.com
Retesting XRP price trendline
Crypto analyst JD also recently shared a view on XRP on the charts. He mentioned in one X message that XRP broke out of the multi-year trendline on the non-logarithmic scale. After that, XRP is currently retesting the trendline.
As for what the future holds for XRP, he noted that a rebound to the weekly close is bullish as it could indicate an outbreak or a new test. However, a break below the trendline could be a false breakout.
Source: X
Meanwhile, another analyst, Crytoes, recently noted that the bears are still in control when it comes to the XRP market. He made this statement after XRP’s daily close below the 21MA (moving average).
At the time of writing, XRP is trading around $0.62, down over the past 24 hours. facts from CoinMarketCap.
Featured image from Watcher Guru, chart from Tradingview.com
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